Harim Group (hereafter Harim) entered the grain distribution business for the first time in South Korea. As Korea's largest grain transportation shipping company, Pan Ocean which became Harim's affiliate recently contributed to stable grain procurement. Pan Ocean was the largest domestic bulk shipping company that transported cargoes such as grain, coal, pulp, and iron ore and was the second largest in sales. Moreover, Pan Ocean has been competing in the global grain market and transportation network, dominated by a handful of global companies, such as Cargill. Pan Ocean had endured corporate rehabilitation procedures twice and even faced bankruptcy while the owner changed three times. However, after being acquired by Harim, Pan Ocean has shown sharp growth. South Korea, which imports major grains besides rice, has a low grain and food self-sufficiency. Besides, the recent Russian invasion of Ukraine, abnormal climate change in production areas, increased speculators, and COVID-19 are exacerbating the difficulties of grain procurement. Stable grain security will become as important as national defense security. In this way, as global grain supply chain management has emerged as a key point at the national and industrial levels, the situation for a stable procurement of various ingredients surrounding feed, livestock, and food is becoming competitive and urgent. Under this backdrop, the purpose of this study is to investigate the acquisition process, integration, and performance, focusing on Harim's Pan Ocean acquisition while dealing with Harim's search for ways to secure competitiveness through expansion into the shipping industry and the risks and conflicts after acquisition.